JP Morgan

Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market.

Swedish Export Credit Corporation on Thursday became sold the third three year dollar deal by a public sector borrower in as many days, showing ample demand for the short end of the dollar curve.

Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.

Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, launched a euro bond on Thursday. Issuers with access to and a need for both currencies, investors said, will find a haven in the euro market while volatility in dollar yields continues.

Europe’s high grade corporate investors had their pick of US risk on Wednesday, with a trio of names raising €5.2bn of debt across seven tranches.

Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Münchener Hypothekenbank (MunHyp) and the Bank of Ireland sold their first euro green bonds on Wednesday, offering up 2bp-3bp of new issue premium to do so.

North Macedonia launched a new bond in euros on Wednesday, following deals last week from fellow central and eastern European sovereigns issuers, Serbia and Croatia.

Belgian football club Club Brugge is teeing up an IPO on Euronext Brussels that will see the side join the small ranks of listed European football clubs.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Korea Development Bank has set a new benchmark for Asia by selling the region’s first SEC-registered Sofr-linked floating rate dollar note. It gives further momentum to the use of the new Libor replacement rate, amid an expected spurt in FRN issuance due to volatility in interest rates. Morgan Davis reports.